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By His Excellency Dr. Surakiart Sathirathai,
Minister of Foreign Affairs of Thailand
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The Second Asia Cooperation Dialogue Meeting (ACD) was convened on 21-22 June 2003 in Chiang Mai, Thailand. The Meeting was chaired by His Excellency Dr. Surakiart Sathirathai, Minister of Foreign Affairs of Thailand. The Closing Ceremony was presided over by His Excellency Dr. Thaksin Shinawatra, Prime Minister of Thailand.
The meeting was attended by Ministers, Vice Ministers and Special Envoys from eighteen Asian nations, namely H.E. Mr.Ali Saleh Al-Saleh, Minister of Commerce of the Kingdom of Bahrain; H.E. Mr. M. Morshed Khan, Minister of Foreign Affairs of the PeopleТs Republic of Bangladesh; H.E. Pehin Dato Abdul Rahman Taib, Minister of Industry and Primary Resources of Brunei Darussalam; H.E. Mr. Hor Namhong, Senior Minister and Minister of Foreign Affairs and International Cooperation of the Kingdom of Cambodia; H.E. Mr. Li Zhaoxing, Minister of Foreign Affairs of the PeopleТs Republic of China; H.E. Mr. Arun Shourie, Minister for Communications, Information Technology and Disinvestment of the Republic of India; H.E. Dr. N. Hassan Wirajuda, Minister for Foreign Affairs of the Republic of Indonesia; H.E. Ms. Yoriko Kawaguchi, Minister for Foreign Affairs of Japan; H.E. Mr. Tetsuro Yano, Senior Vice Minister for Foreign Affairs of Japan; H.E. Mr. Yoon Young-kwan, Minister of Foreign Affairs and Trade of the Republic of Korea; H.E. Soulivong Daravong, Minister of Commerce of the Lao PeopleТs Democratic Republic, H.E. Mr. Bounkeut Sangsomsak, Vice Minister of Foreign Affairs of the Lao PeopleТs Democratic Republic; H.E. Tan Sri Datuk Seri Panglima Bernard Giluk Dompok, Minister in the Prime MinisterТs Department of Malaysia; H.E. U Win Aung, Minister for Foreign Affairs of the Union of Myanmar; H.E. Mr. Khurshid Mahmud Kasuri, Minister for Foreign Affairs of the Islamic Republic of Pakistan; H.E. Mr. Blas F. Ople, Secretary of Foreign Affairs of the Republic of the Philippines; H.E. Sheikh Hamad Al-Thani, Minister of Economy and Trade of the State of Qatar; H.E. Prof. S. Jayakumar, Minister for Foreign Affairs of the Republic of Singapore; H.E. Dr. Surakiart Sathirathai, Minister of Foreign Affairs of the Kingdom of Thailand; and H.E. Mr. Nguyen Dy Nien, Minister of Foreign Affairs of the Socialist Republic of Vietnam.
On 21 June 2003, His Excellency Prime Minister Dr. Thaksin Shinawatra hosted a dinner in honour of the participating Ministers at his residence at Green Valley, Mae Rim. He highlighted the Asian Bond Fund as the beginning of a process that would lead to the development of an Asian bond market. He stressed that the Fund must be professionally managed to ensure credibility and the need for benchmarks that would lead to the development of an efficient Asian bond market. While the first Asian Bond Fund would be denominated in US dollars, he envisioned the possibility of a second Asian Bond Fund, for ACD members that do not belong to the Executives' Meeting of East Asia and Pacific Central Banks and Monetary Authorities (EMEAP), and future Asian bonds could be denominated in Asian currencies. He also noted that a combination of financial instruments, market access and proper technology could make a significant impact in poverty alleviation.
The ACD Ministers noted with great satisfaction the swift progress that the ACD has made both in its dialogue and project dimensions. They welcomed in particular the speed with which the Asian Bond Fund went from concept to reality.
The Dialogue was held in a Retreat on 22 June 2003.
As coordinator of the ACD, Thailand updated the Meeting on progress in the ACD process over the past year, including intersessional meetings, ambassadorial retreats and ACD-related activities, including the Boao Forum for Asia, the Nikkei Forum and academic activities involving various academic institutions and designated think tanks from ACD countries. Thailand also reported on progress under the Working Groups on Tourism and Financial Cooperation, of which it was the prime mover.
Thailand briefed the Meeting on the rationale and preparations for the launch of the Asian Bond Fund. The aim of the Asian Bond Fund, it was pointed out, is to encourage the creation of an Asian bond market, through concurrent development of both the demand and supply sides, so that Asian countries will both be issuing Asian bonds and investing in Asian bonds. As the technical details have already been worked out at the working level, a political push was needed to spur the agencies involved to continue developing the bond market. Such political impetus would be provided with the adoption of the Chiang Mai Declaration at this Meeting.
The Meeting welcomed the efforts of Thailand, as well as those of other fora such as ASEAN+3, in developing an Asian bond market. The Meeting agreed to request the Working Group on Financial Cooperation to explore effective modalities to implement the Asian Bond Fund. A meeting of ACD finance ministers and central bank governors could be held if the Working Group sees the need for it.
The Meeting thanked India for volunteering to produce a technical paper within one month which would explore in detail the effective implementation of the Asian Bond Fund. Such details may include the issue of whether it would be more effective to enlarge the Fund or establish a second fund, professional management of the fund, and the possible establishment of a professional Asian credit rating agency.
Agreeing that the Chiang Mai Declaration was important in giving a political push to the development of an effective regional bond market, the Meeting unanimously adopted the Declaration.
Project Cooperation
Member countries presented brief reports on their concept papers and activities in the areas for which they were prime movers.
Cambodia presented its report on tourism. Singapore reported on its work in SME development and cooperation, including an upcoming SME conference in July. Viet Nam reported on its concept paper on poverty alleviation and sustainable development. Bangladesh reported on the outcome of the seminar on working children of Asia. Japan reported on its work on environmental education and legal infrastructure, including preparations for workshops on the two topics. China reported on its concept paper on agriculture and its plans to hold a seminar on ACD agriculture cooperation in 2004.
Pakistan reported on its concept paper on ISO standards, indicated its readiness to contribute to the harmonization of standards among Asian countries, and informed the Meeting of plans for a seminar in Islamabad at the end of 2003. Pakistan also offered to host the Fourth ACD Ministerial Meeting in 2005, after China.
The Philippines reported on its work as a prime mover on energy, including development of geothermal and renewable sources of energy. Bahrain reported on its concept paper on ensuring energy security, and proposed an ACD conference on energy security in Bahrain in the first quarter of 2004. Indonesia noted the importance of the diversification of energy sources, and suggested that the Philippines, Bahrain, and Indonesia could in future jointly co-organize conference on energy, including alternative sources.
Korea reported on its work as prime mover on IT cooperation, including bilateral efforts to bridge the digital divide with neighboring countries, which it wished to expand to include ACD countries. Korea sought information on the IT needs of ACD members, and invited ACD members to a conference in November on the international digital divide. A workshop would be organized after receiving feedback from members. Thailand noted that a shopping channel could put e-commerce at the service of SMEs and micro businesses.
Malaysia presented its concept paper on e-education, which it proposed as a blueprint for developing a knowledge-based economy in the ACD. India noted that ACD should cooperate more closely on IT. While pressure continued on Asian countries to open up markets on goods, the services markets in Western economies are being closed. Asian representatives at the WTO should therefore be instructed to resist protectionist legislation on services, which would be another dimension of ACD cooperation.
India reported that it has had to reschedule its workshop on biotechnology to August or September, as it hoped to have participation at an appropriate level from capitals. India noted that biotechnology would transform life in the next two decades and would have much impact on security, because even small terrorist groups will have access to such technologies. The ACD, with its strengths in IT and biodiversity, should therefore cooperate in this area with great vigilance. Laos noted that while it is not yet a prime mover in any area, it will continue to actively participate in ACD activities and has designated an ACD think tank.
Myanmar expressed its readiness to continue its cooperation with ACD partners in such areas as tourism, SMEs and transportation links, and wished to join Thailand and Cambodia as a prime mover on tourism. Qatar expressed its willingness to be a prime mover on environmental education (with Japan) and energy (with Bahrain and Indonesia), and offered to host workshops and meetings in these areas. Brunei Darussalam noted the importance of highlighting HRD and capacity building in all ACD projects.
As coordinator, Thailand stressed that ministers have a responsibility to provide political support by ensuring that the work areas and projects for which their countries are prime movers move forward expeditiously. Ministers were urged to coordinate with the relevant agencies in their countries, communicating with them on the core values of ACD, encourage wider participation, and remain in constant coordination with the coordinator. The concept papers presented would lead to the formation of working groups and holding of workshops, which would indicate whether ministerial meetings might be needed to provide further policy direction. The appropriate working group could identify the most appropriate ministries and venue.
Thailand noted the importance of all ACD members to also promote projects other than those for which they are prime movers. Thailand stressed that a core value of the ACD is the importance of avoiding duplication. It noted that the value added of the ACD lies in its uniqueness in comprising members from all four subregions of Asia, which allows subregional initiatives to be expanded to cover a wider range of countries, existing projects to be linked across subregions, and entirely new projects to be created.
ACD Membership
In considering the expansion of ACD membership, the Meeting emphasized the comfort level of all members and the value added that prospective members would bring to the ACD, as primary considerations. A variety of views were expressed on modalities for expansion, including the participation of non-ACD members and the need to avoid the ACD becoming too large.
The Meeting welcomed the inclusion of Kazakhstan, Kuwait, Oman and Sri Lanka into the ACD family and agreed to continue consultations on further expansion, bearing in mind the comfort level of all members. The Meeting agreed that the new members would be welcomed to participate in all ACD activities with immediate effect.
Future Steps
The Meeting expressed its appreciation to the PeopleТs Republic of China, which has offered to host the Third ACD Ministerial Meeting in 2004. China agreed to convey the dates and venue for the Meeting at the earliest opportunity. At the MeetingТs request, Thailand agreed to continue as ACD coordinator until the 2004 ACD Ministerial Meeting in China.
The Meeting saw the merit of holding an ACD meeting focusing on the dialogue dimension again at the UNGA in New York to reinforce the groupingТs cohesiveness and review current developments, and asked Thailand to undertake coordination. The Meeting also supported the expansion of the ACD website, the creation of a coordinating group and an ACD focal point at each member countryТs Foreign Ministry.
The Meeting expressed its appreciation to the Royal Thai Government for the hospitality and excellent arrangements during the Second ACD Meeting.
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Chiang Mai
22 June 2003
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